09:09     FIRST PACIFIC<00142> - Announcement & Resumption (8)                

    principal strategic objectives, repayment of debt and                     
    working capital (however, no specific acquisition is                      
    currently contemplated).                                                  
                                                                              
    REASONS FOR AND BENEFITS OF THE NOTES ISSUE                               
    Taking into account that the value at which the Notes                     
    can be exchanged for the Exchange Property represents                     
    a premium of 21 per cent. over the closing price of                       
    the PLDT Shares as quoted on the Philippine Stock                         
    Exchange on 11 January, 2005, the issue of the Notes                      
    will enable the Guarantor to raise funds from the debt                    
    capital markets at lower cost with reasonable tenor                       
    and terms to fund its general corporate requirements                      
    including acquisitions in line with the Guarantor's                       
    principal strategic objectives, repayment of debt and                     
    working capital. The Directors are of the view that                       
    the terms and conditions of the Notes are fair and                        
    reasonable and are in the interest of the Group as                        
    a whole.                                                                  
                                                                              
    The Guarantor currently as no plans to dispose of or                      
    relinquish its current substantial interest in PLDT.                      
    The cash settlement option included in the Conditions                     
    will allow the Issuer to make a cash payment in US                        
    dollars in respect of all or any portion of a Note                        
    deposited for exchange and this mechanism will permit                     
    the Guarantor to maintain its current investment                          
    level in PLDT.                                                            
                                                                              
    The closing price of one PLDT Share as quoted on the                      
    Philippine Stock Exchange on 11 January, 2005 was Php                     
    1,360.                                                                    
                                                                              
    GENERAL                                                                   
    The Guarantor is a Hong Kong based investment and                         
    management company with its principal business                            
    interests in Southeast Asia relating to                                   
    Telecommunications and Consumer Food Products.                            
                                                                              
    The Guarantor will promptly notify the Stock Exchange                     
    if it becomes aware of any dealings in the Notes by                       
    any connected person (as defined in the Listing Rules)                    
    of the Guarantor and will comply with the relevant                        
    Listing Rules with respect thereto.                                       
                                                                              
    Completion of the Subscription Agreement is subject                       
    to the satisfaction and/or waiver of the conditions                       
    precedent therein. In addition, the Subscription                          
    Agreement may be terminated under certain                                 
    circumstances. Please refer to the paragraph headed                       
    "SUBSCRIPTION AGREEMENT" above for further                                
    information.                                                              
                                                                              
    As the transactions pursuant to the Subscription                          
    Agreement may or may not complete, potential                              
    investors are advised to exercise caution when                            
    dealing in the shares of the Guarantor.                                   
                                                                              
    The deemed disposal of PLDT Shares by the Guarantor                       
    through the issuance of the Notes constitutes a                           
    discloseable transaction of the Guarantor under the                       
    Listing Rules and is required to be disclosed by way                      
    of this press announcement, and a circular with                           
    respect to this transaction will be issued to                             
    shareholders of the Guarantor shortly.                                    
                                                                              
    At the request of the Guarantor, trading in the shares                    
    of the Guarantor has been suspended since 9:30 a.m.                       
    on 12 January, 2005 and an application has been made                      
    to the Stock Exchange for the resumption of trading                       
    with effect from 9:30 a.m. on 13 January, 2005.                           
                                                                              
    TERMS USED IN THIS ANNOUNCEMENT                                           
    "Closing Date"  The closing date for the Notes,